Liberty Media, the US media giant and owner of motor racing’s iconic Formula 1 (F1), brought in $4.48 billion worth of revenue during the 2025 fiscal year, with F1's income last year contributing $3.87 billion of that figure.
Liberty's full-year financial results, as well as its fourth quarter (Q4) figures, were unveiled earlier today, showing a 14% increase in F1's annual revenue.
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F1's operating income, meanwhile, rose year-on-year to $632 million (an increase of 28%), with adjusted OIBDA (operating income before depreciation and amortization) increasing by 20% to $946 million.
Liberty now also owns the top-tier MotoGP motorcycling series, which it finalized the purchase of (through a deal to take over the Dorna Sports promoter and organizer) last July after the deal was initially unveiled in April of 2024. It now holds an 84% stake in MotoGP, for which it has ended up paying $3.1 billion, all told.
For the motorcycle series, revenue increased by 14% year-on-year in 2025, reaching $573 million, with operating income growing by 86% during the same period (coming in at $54 million, both of these being calculated on a pro-forma basis.
Adjusted MotoGP OIBDA, meanwhile, rose pro forma to $201 million.
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By GlobalDataOverall, Liberty Media's operating income for 2025 came to $577 million, as opposed to $287 million in 2024. The $4.48 billion revenue figure, meanwhile, represents a significant rise from 2024's figure of $3.65 billion.
Derek Chang, president and chief executive at Liberty Media, has said: "2025 was an exceptional and productive year for Liberty, and we are excited about the opportunities ahead. We delivered on our key strategic objectives – strengthening Formula 1’s growth trajectory, [and] completing the MotoGP acquisition."
For F1 specifically, the majority of its primary income was derived from a combination of race promotion revenue (26.7%), media rights fees (31.3%), and sponsorship fees (21.7%), respectively.
Other revenue – hospitality, freight, and licensing – made up the remaining 20.3% of the total, meanwhile. F1 has not disclosed the specific revenue figures for each of these sectors, but has said that all of them saw rises.
For media rights revenue, F1 has attributed growth in this sector partly to "the continued growth in F1 TV subscription revenue, and recognition of one-time revenue associated with the F1 movie."
Liberty has noted that, during the F1 2025 season, total fan attendance grew by 4%, coming to 6.75 million, and that live viewership of races was also up 24% year-on-year.
In terms of commercial highlights, meanwhile, a new sponsorship deal was struck with Standard Chartered, while a broadcast rights extension with ESPN across Latin America and the Caribbean was put in place.
F1's 2026 season begins on March 8 in Melbourne, Australia.
For MotoGP, meanwhile, TV viewership rose by 9% year-on-year, and in-person fan attendance by 21`%.
Earlier this month, Dorna Sports had its name officially changed to MotoGP Sports Entertainment SL, as a direct result of the takeover.
This brings an end to the Dorna name, which has been an iconic brand across the world of motorsport for over 30 years. The promoter has a deal covering the MotoGP series in place through 2060, as part of a lengthy extension unveiled in 2024, and also commercially manages the WorldSBK series.
Over the past few months, Liberty's takeover has also resulted in several significant personnel changes at Dorna, including Chase Carey (former head of the F1 Group) coming in as the new president, replacing the previous incumbent, William Jackson.
The 2026 MotoGP campaign gets underway this coming weekend in Thailand.
